Palo Alto – April 21, 2023 – Cooley advised SoundHound AI, a leader in voice artificial intelligence, in the closing of a new $125 million loan facility from Atlas Credit Partners. The facility is covered by a credit insurance wrap. Lawyers Josh Seidenfeld, Ellie Guadiana, Milson Yu, Savannah Harms and Will Hong led the Cooley team.
The new facility will reduce SoundHound's existing debt and cash outflow while extending the maturity date to 2027. SoundHound will use the investment to refinance its current debt, fund certain insurance premiums to the insurance provider under the facility, solidify its balance sheet and provide capital to further innovate and its growth plans.
SoundHound AI, an innovator of conversation intelligence, offers an independent voice artificial intelligence AI platform that enables businesses across industries to deliver best-in-class conversational experiences to their customers.